Microsoft Word - 2020.02.11_FY 2019_MACO_MDA_EN_Final MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 1 YEARLY BUSINESS HIGHLIGHTS – 2019  Consolidated revenue

“Company”) submitted its separate financial statement and its consolidated financial statement for the second quarter of 2020 ended on 30 June 2020 which were reviewed by the auditor. The Company hereby

QUARTERLY BUSINESS HIGHLIGHTS – 3M 2020 Consolidated revenue decreased by 13.7% YoY to THB 612mn o Advertising revenue increased by 3.1% YoY to THB 270mn o System integration services revenue decreased by

Periods Ended 30 June, 2020 Page 6 2. Operation performance according to consolidated financial statement Unit : Million baht 2020 2019 2020 2019 Total revenues (excluding fuel costs) 3,695.63 4,387.88

limited companies to purchase or hold its own shares or gain benefits from a debt-to-equity conversion, and consistency with the Announcement of the National Council for Peace and Order No. 74/2557 (2014

allow public limited companies to purchase or hold its own shares or gain benefits from a debt-to-equity conversion, and consistency with the Announcement of the National Council for Peace and Order No

exchange rate of receivable under finance lease agreement, gain(loss) on forward contracts, insurance claim and gain from business acquisition. Change QoQ Consolidated financial statements Change YoY 2

’ Meeting No. 6/2018, held on September 7, 2018 and details of which are disclosed in notes No. 11 of the Company’ s consolidated financial statements for nine months ended September 30, 2018, and the

acquisition. Change Consolidated financial statements Financial Performance of the Group 2 Significant events for the period ended 30 September 2020 On 21 August 2020, Asia Clean Energy Co. Ltd., a subsidiary

contracts and insurance claim. Change Consolidated financial statements Financial Performance of the Group 2 Sales and service income for the period ended 30 June 2021 and 2020 are presented below: Q2-2020 Q1